The bill passed with broad support, though critics have said it could open some investors to fraud.

Blueharbor -- which as about $140 million in assets -- said the money it will save by eliminating reporting requirements will outweigh the benefits of being registered.

“The bank’s board of directors carefully made this decision after considering the advantages and disadvantages of being a FDIC registered company and the advice of our legal and accounting partners to deregister, which eliminates this regulatory burden and expense," blueharbor CEO Jim Marshall said in a statement.

The bank's shares are traded on the Over-the-Counter Bulletin Board under the ticker BLHK. Blueharbor said it expects to still trade there.

The bank said it will also continue to release financial results, even though it will no longer be required.

Blueharbor also reported Tuesday a profit of $149,243 in the second quarter, or 8 cents per share. That's an increase from a profit of $6,177 in the same time period last year.